ALTISOURCE PORTFOLIO SOLUTIONS S.A. 10-K

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page Report of Independent Registered Public Accounting Firm (PCAOB ID 49 ) 54 Consolidated Balance Sheets as of December 31, 2025 and 2024 56 Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2025 and 2024 57 Consolidated Statements of Equity (Deficit) for the years ended December 31, 2025 and 2024 58 Consolidated Statements of Cash Flows for the years ended December 31, 2025 and 2024 59 Notes to Consolidated Financial Statements 61 53 Table of Content Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Altisource Portfolio Solutions S.A. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Altisource Portfolio Solutions S.A. and its subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income (loss), equity (deficit), and cash flows for the years then ended and the related notes to the consolidated financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America. Emphasis of a Matter As discussed in Notes 3, 14 and 22 to the financial statements, the Company has a concentration of revenue associated with its largest customer, Onity Group Inc. (together with its subsidiaries, Onity). The Company has disclosed various developments and uncertainties associated with Onity. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Accounting for Income Taxes As described in Notes 2 and 20 to the financial statements, the Company is subject to income taxes in the United States and a number of foreign jurisdictions. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining foreign tax expense and in evaluating tax positions, including evaluating uncertainties. During the year, management concluded that certain of its previously unrecognized foreign tax positions were more likely than not to be sustained. As a result, the Company recognized a $9.6 million reversal of its reserve for uncertain tax positions related to a foreign tax position and a $9.0 million reversal of related accrued interest. The Company’s foreign non-U.S. income tax benefit amounted to $15.1 million for the year ending December 31, 2025, and the total unrecognized tax benefits, including interest and penalties, amounted to $3.3 million as of December 31, 2025. 54 Table of Content We identified the accounting for income taxes in foreign jurisdictions as a critical audit matter because of the specialized expertise and high degree of auditor judgment required in auditing the foreign income tax provision related to transfer pricing determinations and evaluating the reasonableness of uncertain tax positions. Our audit procedures related to the Company’s accounting for foreign income taxes included the following, among others: • We tested components of the income tax provision for significant foreign jurisdictions, including evaluating permanent and temporary differences between book and tax reporting balances, and tested the application of statutory tax rates; and • With the assistance of our tax professionals, including international tax professionals and specialists, we: – Evaluated the reasonableness of management’s estimates including the reversal of the reserve for uncertain tax positions by considering the application of foreign tax jurisdiction laws and regulations; – Evaluated the transfer pricing analyses provided by the Company and tested certain transfer pricing computations; and – Evaluated the completeness of uncertain tax positions and the reasonableness of the outcomes and measurements. /s/ RSM US LLP We have served as the Company’s auditor since 2022. Jacksonville, Florida March 4, 2026 55 Table of Content ALTISOURCE PORTFOLIO SOLUTIONS S.A. Consolidated Balance Sheets (in thousands, except per share data) December 31, 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 26,603 $ 29,811 Accounts receivable, net of allowance for credit losses of $ 2,492 and $ 3,124 , respectively 17,984 15,050 Prepaid expenses and other current assets 9,690 6,240 Total current assets 54,277 51,101 Premises and equipment, net 253 701 Right-of-use assets under operating leases 1,117 2,243 Goodwill 55,960 55,960 Intangible assets, net 17,085 21,468 Deferred tax assets, net 6,342 5,629 Other assets 4,767 6,504 Total assets $ 139,801 $ 143,606 LIABILITIES AND DEFICIT Current liabilities: Accounts payable and accrued expenses $ 39,595 $ 33,512 Current portion of long-term debt 1,225 230,544 Deferred revenue 3,440 3,979 Other current liabilities 2,805 3,238 Total current liabilities 47,065 271,273 Long-term debt 189,861 — Deferred tax liabilities, net 8,641 9,028 Other non-current liabilities 3,697 20,016 Commitments, contingencies and regulatory matters (Note 22) Deficit: Common stock ($ 0.01 par value; 250,000 shares authorized, 11,021 issued and 10,994 outstanding as of December 31, 2025; 3,745 issued and 3,403 outstanding as of December 31, 2024) 110 37 Additional paid-in capital 257,359 211,523 Accumulated deficit ( 363,735 ) ( 259,977 ) Treasury stock, at cost ( 27 shares as of December 31, 2025 and 342 shares as of December 31, 2024) ( 3,948 ) ( 108,959 ) Altisource deficit ( 110,214 ) ( 157,376 ) Non-controlling interests 751 665 Total deficit ( 109,463 ) ( 156,711 ) Total liabilities and deficit $ 139,801 $ 143,606 See accompanying notes to consolidated financial statements . 56 Table of Content ALTISOURCE PORTFOLIO SOLUTIONS S.A. Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands, except per share data) For the years ended December 31, 2025 2024 Revenue $ 170,975 $ 160,134 Cost of revenue 122,065 110,605 Gross profit 48,910 49,529 Operating expense: Selling, general and administrative expenses 40,976 45,620 Litigation settlement loss (Note 22) 7,517 — Loss on sale of business — 685 Income from operations 417 3,224 Other income (expense), net: Interest expense ( 12,173 ) ( 38,877 ) Debt exchange transaction expenses ( 3,646 ) — Other income (expense), net 1,256 2,786 Total other income (expense), net ( 14,563 ) ( 36,091 ) Loss before income taxes and non-controlling interests ( 14,146 ) ( 32,867 ) Income tax benefit (provision) 16,074 ( 2,581 ) Net income (loss) 1,928 ( 35,448 ) Net income attributable to non-controlling interests ( 313 ) ( 188 ) Net income (loss) attributable to Altisource $ 1,615 $ ( 35,636 ) Earnings (loss) per share: Basic $ 0.16 $ ( 9.99 ) Diluted $ 0.15 $ ( 9.99 ) Weighted average shares outstanding: Basic 10,066 3,567 Diluted 11,067 3,567 Comprehensive income (loss): Comprehensive income (loss), net of tax $ 1,928 $ ( 35,448 ) Comprehensive income attributable to non-controlling interests ( 313 ) ( 188 ) Comprehensive income (loss) attributable to Altisource $ 1,615 $ ( 35,636 ) See accompanying notes to consolidated financial statements . 57 Table of Content ALTISOURCE PORTFOLIO SOLUTIONS S.A. Consolidated Statements of Equity (Deficit) (in thousands) Altisource Deficit Common stock Additional paid-in capital Accumulated deficit Treasury stock, at cost Non-controlling interests Total Shares Balance, January 1, 2024 3,745 $ 37 $ 207,204 $ ( 180,162 ) $ ( 152,749 ) $ 615 $ ( 125,055 ) Net loss — — — ( 35,636 ) — 188 ( 35,448 ) Distributions to non-controlling interest holders — — — — — ( 138 ) ( 138 ) Share-based compensation expense — — 4,737 — — — 4,737 Issuance of restricted share units and restricted shares — — — ( 26,805 ) 26,805 — — Exercise of warrants, net of costs — — ( 418 ) ( 3,893 ) 4,221 — ( 90 ) Treasury shares withheld for the payment of tax on restricted share unit and restricted share issuances — — — ( 13,481 ) 12,764 — ( 717 ) Balance, December 31, 2024 3,745 37 211,523 ( 259,977 ) ( 108,959 ) 665 ( 156,711 ) Net income — — — 1,615 — 313 1,928 Distributions to non-controlling interest holders — — — — — ( 227 ) ( 227 ) Share-based compensation expense — — 4,347 — — — 4,347 Issuance of common stock, net of issuance costs 7,271 73 41,458 — — — 41,531 Exercise of warrants, net of costs 5 — 31 ( 57,525 ) 57,525 — 31 Issuance of restricted share units and restricted shares — — — ( 32,373 ) 32,373 — — Treasury shares withheld for the payment of tax on restricted share unit and restricted share issuances — — — ( 15,475 ) 15,114 — ( 361 ) Purchase of fractional shares — — — — ( 1 ) — ( 1 ) Balance, December 31, 2025 11,021 $ 110 $ 257,359 $ ( 363,735 ) $ ( 3,948 ) $ 751 $ ( 109,463 ) See accompanying notes to consolidated financial statements . 58 Table of Content ALTISOURCE PORTFOLIO SOLUTIONS S.A. Consolidated Statements of Cash Flows (in thousands) For the years ended December 31, 2025 2024 Cash flows from operating activities: Net income (loss) $ 1,928 $ ( 35,448 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 517 997 Amortization of right-of-use assets under operating leases 1,289 1,537 Amortization of intangible assets 5,183 5,080 PIK accrual — 8,715 Share-based compensation expense 4,347 4,737 Bad debt expense 228 840 Amortization of debt premium ( 4,127 ) — Amortization of debt discount 915 3,780 Amortization of debt issuance costs 550 2,434 Deferred income taxes ( 1,193 ) ( 684 ) Loss on disposal of fixed assets — 14 Loss on sale of business — 685 Changes in operating assets and liabilities: Accounts receivable ( 3,162 ) ( 4,208 ) Prepaid expenses and other current assets ( 2,442 ) 1,658 Other assets 2,073 268 Accounts payable and accrued expenses 6,083 3,704 Current and non-current operating lease liabilities ( 1,342 ) ( 1,595 ) Other current and non-current liabilities ( 15,912 ) 2,461 Net cash used in operating activities ( 5,065 ) ( 5,025 ) Cash flows from investing activities: Additions to premises and equipment ( 69 ) ( 3 ) Proceeds from the sale of business — 2,257 Other investing activities ( 250 ) — Net cash (used in) provided by investing activities ( 319 ) 2,254 Cash flows from financing activities: Proceeds from the Super Senior Facility 11,250 — Debt issuance costs ( 1,742 ) — Repayments of long-term debt ( 934 ) — Equity issuance costs ( 3,839 ) — Purchase of fractional shares ( 1 ) — (Repayment of) proceeds from revolving loan ( 1,000 ) 1,000 Proceeds from exercise of warrants, net of costs 31 ( 90 ) Distributions to non-controlling interests ( 227 ) ( 138 ) Payments of tax withholding on issuance of restricted share units and restricted shares ( 361 ) ( 717 ) Net cash provided by financing activities 3,177 55 Net decrease in cash, cash equivalents and restricted cash ( 2,207 ) ( 2,716 ) Cash, cash equivalents and restricted cash at the beginning of the period 32,700 35,416 Cash, cash equivalents and restricted cash at the end of the period $ 30,493 $ 32,700 59 Table of Content For the years ended December 31, 2025 2024 Supplemental cash flow information: Interest paid $ 14,622 $ 23,810 Income taxes paid, net ( 13 ) 2,053 Acquisition of right-of-use assets with operating lease liabilities 325 488 Reduction of right-of-use assets from operating lease modifications or reassessments ( 162 ) ( 87 ) Non-cash investing and financing activities: Equity issued in exchange for debt reduction 45,370 — The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets and the consolidated statements of cash flows as of December 31: 2025 2024 Cash and cash equivalents $ 26,603 $ 29,811 Restricted cash 3,890 2,889 Total cash, cash equivalents and restricted cash reported in the statements of cash flows $ 30,493 $ 32,700 See accompanying notes to consolidated financial statements. 60 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements NOTE 1 — ORGANIZATION Description of Business Altisource Portfolio Solutions S.A., together with its subsidiaries (which may be referred to as “Altisource,” the “Company,” “we,” “us” or “our”), is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets we serve. NOTE 2 — BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting and Presentation The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Intercompany transactions and accounts have been eliminated in consolidation. As described in Note 23, we conduct our operations through two reportable segments: Servicer and Real Estate and Origination . In addition, we report Corporate and Others separately. Certain prior year balance sheet amounts have been reclassified for consistency with the current year presentation. Principles of Consolidation The financial statements include the accounts of the Company, its wholly-owned subsidiaries and those entities in which we have a variable interest and are the primary beneficiary. Altisource consolidates Best Partners Mortgage Cooperative, Inc., which is managed by The Mortgage Partnership of America, L.L.C. (“MPA”), a wholly-owned subsidiary of Altisource. Best Partners Mortgage Cooperative, Inc. is a mortgage cooperative doing business as Lenders One ® (“Lenders One”). MPA provides services to Lenders One under a management agreement. The initial term of the management agreement ended on December 31, 2025 and automatically renewed for five-year renewal term ending December 31, 2030. The management agreement provides for up to two additional automatic five-year renewal terms thereafter. The management agreement between MPA and Lenders One, pursuant to which MPA is the management company, represents a variable interest in a variable interest entity. MPA is the primary beneficiary of Lenders One as it has the power to direct the activities that most significantly impact the cooperative’s economic performance and the right to receive benefits from the cooperative. As a result, Lenders One is presented in the accompanying consolidated financial statements on a consolidated basis and the interests of the members are reflected as non-controlling interests. As of December 31, 2025, Lenders One had total assets of $ 0.6 million and total liabilities of $ 0.4 million. As of December 31, 2024, Lenders One had total assets of $ 0.4 million and total liabilities of $ 0.3 million. Use of Estimates The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses and related disclosures of contingent liabilities in the consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, determining share-based compensation, income taxes, collectability of receivables, valuation of acquired intangibles and goodwill, depreciable lives and valuation of fixed assets and contingencies. Actual results could differ materially from those estimates. Cash and Cash Equivalents We classify all highly liquid instruments with an original maturity of three months or less at the time of purchase as cash equivalents. Accounts Receivable, Net Accounts receivable are presented net of an allowance for expected credit losses. We monitor and estimate the allowance for credit losses based on our historical write-offs, historical collections, our analysis of past due accounts based on the contractual terms of the receivables, relevant market and industry reports and our assessment of the economic status of our customers, if known. The carrying value of accounts receivable, net, approximates fair value. 61 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) Premises and Equipment, Net We report premises and equipment, net at cost or estimated fair value at acquisition for premises and equipment recorded in connection with a business combination and depreciate these assets over their estimated useful lives using the straight-line method as follows: Furniture and fixtures 5 years Office equipment 5 years Computer hardware 3 - 5 years Computer software 3 - 7 years Leasehold improvements Shorter of useful life, 10 years or the term of the lease Maintenance and repair costs are expensed as incurred. We capitalize expenditures for significant improvements and new equipment and depreciate the assets over the shorter of the capitalized asset’s life or the life of the lease. We review premises and equipment for impairment following events or changes in circumstances that indicate the carrying amount of an asset or asset group may not be recoverable. We measure recoverability of assets to be held and used by comparing the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated future cash flows, we recognize an impairment charge for the amount that the carrying value of the asset or asset group exceeds the fair value of the asset or asset group. Computer software includes the fair value of software acquired in business combinations, capitalized software development costs and purchased software. Capitalized software development and purchased software are recorded at cost and amortized using the straight-line method over their estimated useful lives. Software acquired in business combinations is recorded at fair value and amortized using the straight-line method over its estimated useful life. Business Combinations We account for acquisitions using the purchase method of accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations . The purchase price of an acquisition is allocated to the assets acquired and liabilities assumed using their fair value as of the acquisition date. Goodwill Goodwill represents the excess cost of an acquired business over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. We evaluate goodwill for impairment annually during the fourth quarter or more frequently when an event occurs or circumstances change in a manner that indicates the carrying value may not be recoverable. We first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value as a basis for determining whether we need to perform the quantitative goodwill impairment test. Only if we determine, based on qualitative assessment, that it is more likely than not that a reporting unit’s fair value is less than its carrying value will we calculate the fair value of the reporting unit. We would then test goodwill for impairment by comparing the fair value of the reporting unit with its carrying amount. If the fair value is determined to be less than its carrying amount, we recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. We estimate the fair value of the reporting unit using discounted cash flows and market comparisons. The discounted cash flow method is based on the present value of projected cash flows. Forecasts of future cash flows are based on our estimate of future sales and operating expenses, based primarily on estimated pricing, sales volumes, market segment share, cost trends and general economic conditions. The estimated cash flows are discounted using a rate that represents our estimated weighted average cost of capital. The market comparisons include an analysis of revenue and earnings multiples of guideline public companies compared to the Company. Intangible Assets, Net Identified intangible assets consist primarily of customer related intangible assets, operating agreements, trademarks and trade names and other intangible assets. Identifiable intangible assets acquired in business combinations are recorded based on their fair values at the date of acquisition. We determine the useful lives of our identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors we consider when determining useful lives include the contractual term of any arrangements, the history of the asset, our long-term strategy for use of the asset and other economic factors. We amortize intangible assets that we deem to have definite lives in proportion to actual and expected customer revenues or on a straight-line basis over their useful lives, generally ranging from 4 to 20 years. 62 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) We perform tests for impairment if conditions exist that indicate the carrying value may not be recoverable. When facts and circumstances indicate that the carrying value of intangible assets determined to have definite lives may not be recoverable, management assesses the recoverability of the carrying value by preparing estimates of cash flows of discrete intangible assets generally consistent with models utilized for internal planning purposes. If the sum of the undiscounted expected future cash flows is less than the carrying value, we recognize an impairment to the extent the carrying amount exceeds fair value. Long-Term Debt Long-term debt is reported net of applicable discount or premium and net of debt issuance costs. The debt discount or premium and debt issuance costs are amortized to interest expense through maturity of the related debt using the effective interest method. Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows: Level 1 — Quoted prices in active markets for identical assets and liabilities Level 2 — Observable inputs other than quoted prices included in Level 1 Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities. Financial assets and financial liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. Share Consolidation On May 28, 2025, Altisource Portfolio Solutions S.A. effected a consolidation of its shares of common stock (the “common stock”) (also known as a reverse stock split) at a ratio of 1-for-8 (the “Share Consolidation”). As a result of the Share Consolidation, every 8 shares of common stock outstanding immediately prior to effectiveness of the Share Consolidation were combined and converted into one share of common stock, reducing the total number of issued and outstanding shares from 88,129,766 to 11,016,220 . No fractional shares were issued in connection with the Share Consolidation. Instead, shareholders received cash in lieu of fractional shares, based on the closing price of Altisource’s common stock on May 27, 2025. The Share Consolidation did not change the authorized number of shares of Altisource’s common stock. All share and per share amounts and exercise prices of stock options, and warrants in the accompanying consolidated financial statements and notes to the consolidated financial statements have been retroactively adjusted to reflect the Share Consolidation for all periods presented. Functional Currency The currency of the primary economic environment in which our operations are conducted is the United States dollar. Therefore, the United States dollar has been determined to be our functional and reporting currency. Non-United States dollar transactions and balances have been measured in United States dollars in accordance with ASC Topic 830, Foreign Currency Matters . All transaction gains and losses from the measurement of monetary balance sheet items denominated in non-United States dollar currencies are reflected in the consolidated statements of operations and comprehensive (loss) income as income or expenses, as appropriate. Defined Contribution 401(k) Plan Some of our employees participate in a defined contribution 401(k) plan under which we may make matching contributions equal to a discretionary percentage determined by us. We recorded expenses of $ 0.2 million for both the years ended December 31, 2025 and 2024, related to our discretionary contributions. Revenue Recognition We recognize revenue when we satisfy a performance obligation by transferring control of a product or service to a customer in an amount that reflects the consideration that we expect to receive. This revenue can be recognized at a point in time or over 63 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) time. We invoice customers based on our contractual arrangements with each customer, which may not be consistent with the period that revenues are recognized. When there is a timing difference between when we invoice customers and when revenues are recognized, we record either a contract asset (unbilled accounts receivable) or a contract liability (deferred revenue or other current liabilities), as appropriate. A description of our principal revenue generating activities are as follows: Servicer and Real Estate • For property preservation and inspection services and payment management technologies, we recognize transactional revenue when the service is provided. • For residential real estate renovation services, we recognize revenue over time as work is completed, measured by the percentage of work performed relative to the total project. Field inspections by qualified professionals form a fundamental part of the Company’s assessment, measure and documentation of work completed on real estate renovations. • For vendor management transactions, we recognize revenue over the period during which services are provided. • For construction loan fund disbursement services, we recognize revenue over the period during which we perform the processing services with full recognition upon completion of the disbursements. • For foreclosure trustee services, we recognize revenue as work progresses, in accordance with agreed upon milestones with full recognition upon completion and/or recording the related foreclosure deed. • For the real estate auction platform, real estate auction and real estate brokerage services, we recognize revenue on a net basis (i.e., the commission on the sale) at the closing of the sale of the REO as we perform services as an agent without assuming the risks and rewards of ownership of the asset and the commission earned on the sale is a fixed percentage or amount. • For SaaS based technology to manage REO, we recognize revenue over the estimated average number of months the REO properties are on the platform before they are sold. • For loan servicing technologies, we generally recognize revenue based on the number of loans on the system. We generally recognized revenue from professional services as services are provided. • Reimbursable expenses revenue related to property preservation and inspection services, real estate sales title services and foreclosure trustee services is included in revenue with an equal amount recognized in cost of revenue. These amounts are recognized on a gross basis, principally because generally we have control over selection of vendors and the vendor relationships are with us, rather than with our customers. Origination • For the majority of the services we provide, we recognize transactional revenue when the service is provided. We recognize membership fees from Lenders One members ratably over the term of membership. • For vendor management oversight software-as-a-service (“SaaS”), we recognize revenue over the period during which we perform the services. Share-Based Compensation Share-based compensation is accounted for under the provisions of ASC Topic 718, Compensation - Stock Compensation (“ASC Topic 718”). Under ASC Topic 718, the cost of services received in exchange for an award of equity instruments is generally measured based on the grant date fair value of the award. Share-based awards that do not require future service are expensed immediately. Share-based awards that require future service are recognized over the relevant service period. The Company has made an accounting policy election to account for forfeitures in compensation expense as they occur. Income Taxes We record income taxes in accordance with ASC Topic 740, Income Taxes (“ASC Topic 740”). We account for certain income and expense items differently for financial reporting purposes and income tax purposes. We recognize deferred income tax assets and liabilities for these differences between the financial reporting basis and the tax basis of our assets and liabilities as well as expected benefits of utilizing net operating loss and credit carryforwards. The most significant temporary differences relate to accrued compensation, interest expense, amortization, loss carryforwards and valuation allowances. We measure deferred income tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we anticipate recovery or settlement of those temporary differences. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. 64 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions including evaluating uncertainties under ASC Topic 740. We recognize tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Resolution of these uncertainties in a manner inconsistent with management’s expectations could have a material impact on our results of operations. Earnings Per Share We compute earnings per share in accordance with ASC Topic 260, Earnings Per Share . Basic net income per share is computed by dividing net income attributable to Altisource by the weighted average number of shares of common stock outstanding for the period. Diluted net income per share reflects the assumed conversion of all dilutive securities using the treasury stock method. Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This standard amends the Codification to enhance the transparency and decision usefulness of income tax disclosures, to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The Company adopted this standard effective January 1, 2025 and has applied it prospectively. Adoption of this new standard did not have a material impact on the Company’s consolidated financial statements. Future Adoption of New Accounting Pronouncement In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) . This standard amends the Codification to enhance the disclosure requirements in the notes to the financial statements, of specified information about certain costs and expenses in interim and year-end reporting periods. This standard will be effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. Early adoption of this standard is permitted. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets . This standard provides a practical expedient to assume that conditions as of the balance sheet date remains unchanged over the life of the asset estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. This standard will be effective for annual periods beginning after December 15, 2025, and for interim periods within those annual reporting periods. Early adoption of this standard is permitted. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements . This standard clarifies the form and content requirements for interim financial statements and introduces a disclosure principle requiring entities to report material events and changes occurring after the most recent annual period. This standard will be effective for interim periods within fiscal years beginning after December 15, 2027, for public business entities. Early adoption of this standard is permitted. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-12, Codification Improvements. This standard provides clarification and minor updates to various Topics in the FASB Accounting Standards Codification, including guidance related to earnings per share, lease receivables, beneficial interests, treasury stock, and transfers of receivables. This standard will be effective for annual periods beginning after December 15, 2026, and for interim periods within those annual reporting periods. Early adoption of this standard is permitted. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements. 65 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) NOTE 3 — CUSTOMER CONCENTRATION Onity Onity Group Inc. (together with its subsidiaries, “Onity”) is a residential mortgage loan servicer of mortgage servicing rights (“MSRs”) it owns, including those MSRs in which others have an economic interest, and a subservicer of loans owned by others. During the year ended December 31, 2025, Onity was our largest customer, accounting for 42 % of our total revenue. Onity purchases certain mortgage services from us under the terms of services agreements and amendments thereto (collectively, the “Onity Services Agreements”) with terms extending through August 2030. Certain of the Onity Services Agreements contain a “most favored nation” provision and also grant the parties the right to renegotiate pricing, among other things. Revenue from Onity primarily consists of revenue earned from the loan portfolios serviced and subserviced by Onity when Onity engages us as the service provider, and revenue earned directly from Onity, pursuant to the Onity Services Agreements. For the years ended December 31, 2025 and 2024, we recognized revenue from Onity of $ 72.3 million and $ 70.4 million, respectively. Revenue from Onity as a percentage of segment and consolidated revenue was as follows for the years ended December 31: 2025 2024 Servicer and Real Estate 54 % 55 % Origination 0 % 0 % Corporate and Others — % — % Consolidated revenue 42 % 44 % We earn additional revenue related to the portfolios serviced and subserviced by Onity when a party other than Onity or the MSR owner selects Altisource as the service provider. For the years ended December 31, 2025 and 2024, we recognized $ 7.7 million and $ 9.6 million, respectively, of such revenue. These amounts are not included in deriving revenue from Onity and revenue from Onity as a percentage of revenue discussed above. As of December 31, 2025, accounts receivable from Onity totaled $ 5.1 million, $ 2.6 million of which was billed and $ 2.5 million of which was unbilled. As of December 31, 2024, accounts receivable from Onity totaled $ 4.4 million, $ 3.1 million of which was billed and $ 1.3 million of which was unbilled. Rithm Rithm Capital Corp. (individually, together with one or more of its subsidiaries or one or more of its subsidiaries individually, “Rithm”) is an asset manager focused on the real estate and financial services industries. Onity has disclosed that Rithm is one of its largest servicing clients. As of December 31, 2025, Onity reported that approximately 10 % of loans serviced and subserviced by Onity (measured in unpaid principal balance (“UPB”)) and approximately 50 % of all delinquent loans that Onity services were related to Rithm MSRs or rights to MSRs (the “Subject MSRs”). In November 2025, Onity disclosed that it had received notification from Rithm that Rithm does not intend to renew its subservicing agreements with Onity effective January 31, 2026. Rithm purchased brokerage services for real estate owned (“REO”) exclusively from us, irrespective of the subservicer, subject to certain limitations, for certain MSRs set forth in and pursuant to the terms of a Cooperative Brokerage Agreement, as amended, and related letter agreement (collectively, the “Rithm Brokerage Agreement”) through August 2025. The Rithm Brokerage Agreement expired on August 31, 2025. At Rithm’s discretion, Altisource has continued to manage REO and receive referrals with limited exceptions from portfolios subject to the Rithm Brokerage Agreement despite the expiration of the Rithm Brokerage Agreement. In addition, Rithm also purchases property inspection, preservation and other services from us. For the years ended December 31, 2025 and 2024, we recognized revenue from Rithm of $ 4.2 million and $ 2.3 million, respectively. For the years ended December 31, 2025 and 2024, we recognized additional revenue of $ 9.6 million and $ 10.8 million, respectively, relating to the Subject MSRs when a party other than Rithm selected us as the service provider. 66 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) NOTE 4 — ACCOUNTS RECEIVABLE, NET Accounts receivable, net consists of the following as of December 31: (in thousands) 2025 2024 Billed $ 12,796 $ 12,169 Unbilled 7,680 6,005 20,476 18,174 Less: Allowance for credit losses ( 2,492 ) ( 3,124 ) Total $ 17,984 $ 15,050 Billed accounts receivable includes receivables from certain real estate asset management services, REO and foreclosure sales and title and closing services, for which we generally recognize revenue when the service is provided but collect upon closing of the sale. Unbilled accounts receivable also includes receivables from foreclosure trustee services and property renovation services, for which we generally recognize revenues over the service delivery period but bill following completion of the service. We also include amounts in unbilled accounts receivable that are earned during a month and billed in the following month. As of January 1, 2025, gross accounts receivable totaled $ 18.2 million, $ 12.2 million of which was billed and $ 6.0 million of which was unbilled, less allowance for credit losses of $ 3.1 million, resulting in net accounts receivable of $ 15.1 million. As of January 1, 2024, gross accounts receivable totaled $ 14.8 million, $ 11.2 million of which was billed and $ 3.6 million of which was unbilled, less allowance for credit losses of $ 3.1 million, resulting in net accounts receivable of $ 11.7 million. We are exposed to credit losses through our sales of products and services to our customers which are recorded as accounts receivable, net on the Company’s consolidated financial statements. We monitor and estimate the allowance for credit losses based on our historical write-offs, historical collections, our analysis of past due accounts based on the contractual terms of the receivables, relevant market and industry reports and our assessment of the economic status of our customers, if known. Estimated credit losses are written off in the period in which the financial asset is determined to be no longer collectible. There can be no assurance that actual results will not differ from estimates or that consideration of these factors in the future will not result in an increase or decrease to our allowance for credit losses. Changes in the allowance for expected credit losses consist of the following: (Additions) / Subtractions (in thousands) Balance at Beginning of Period Charged to Expenses Deductions Note (1) Balance at End of Period Allowance for expected credit losses: Year ended December 31, 2025 $ 3,124 $ 228 $ ( 860 ) $ 2,492 Year ended December 31, 2024 3,123 840 ( 839 ) 3,124 ______________________________________ (1) Amounts written off as uncollectible or transferred to other accounts or utilized. 67 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) NOTE 5 — PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following as of December 31: (in thousands) 2025 2024 Prepaid expenses $ 4,291 $ 3,620 Maintenance agreements, current portion 1,203 962 Income taxes receivable 1,243 1,043 Restricted cash 1,031 23 Surety bond collateral 1,000 — Other current assets 922 592 Total $ 9,690 $ 6,240 NOTE 6 — PREMISES AND EQUIPMENT, NET Premises and equipment, net consists of the following as of December 31: (in thousands) 2025 2024 Computer hardware and software $ 46,093 $ 46,074 Leasehold improvements 709 709 Furniture and fixtures 72 72 Office equipment and other 17 17 46,891 46,872 Less: Accumulated depreciation and amortization ( 46,638 ) ( 46,171 ) Total $ 253 $ 701 Depreciation and amortization expense amounted to $ 0.5 million and $ 1.0 million for the years ended December 31, 2025 and 2024, respectively, and is included in cost of revenue for operating assets and in selling, general and administrative expenses for non-operating assets in the accompanying consolidated statements of operations and comprehensive income (loss). Premises and equipment, net consist of the following by country as of December 31: (in thousands) 2025 2024 Luxembourg $ 190 $ 554 India 40 124 United States 20 23 Uruguay 3 — Total $ 253 $ 701 68 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) NOTE 7 — RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET Right-of-use assets under operating leases, net consists of the following as of December 31: (in thousands) 2025 2024 Right-of-use assets under operating leases $ 6,340 $ 6,177 Less: Accumulated amortization ( 5,223 ) ( 3,934 ) Total $ 1,117 $ 2,243 Amortization of operating leases was $ 1.3 million and $ 1.5 million for the years ended December 31, 2025 and 2024, respectively, and is included in cost of revenue for operating assets and in selling, general and administrative expenses for non-operating assets in the accompanying consolidated statements of operations and comprehensive income (loss). NOTE 8 — GOODWILL AND INTANGIBLE ASSETS, NET Goodwill The following is a summary of goodwill by segment: (in thousands) Servicer and Real Estate Origination Corporate and Others Total Balance as of December 31, 2025 and 2024 $ 30,681 $ 25,279 $ — $ 55,960 Intangible Assets, net Intangible assets, net consist of the following as of December 31: Weighted average estimated useful life (in years) Gross carrying amount Accumulated amortization Net book value (in thousands) 2025 2024 2025 2024 2025 2024 Definite lived intangible assets: Customer related intangible assets 9 $ 213,912 $ 213,912 $ ( 206,182 ) $ ( 203,221 ) $ 7,730 $ 10,691 Operating agreement 20 35,000 35,000 ( 27,854 ) ( 26,104 ) 7,146 8,896 Trademarks and trade names 16 $ 9,709 $ 9,709 $ ( 8,198 ) $ ( 7,828 ) $ 1,511 $ 1,881 Non-compete agreements 2 432 — ( 41 ) — 391 — Intellectual property 1 368 — ( 61 ) — 307 — Total $ 259,421 $ 258,621 $ ( 242,336 ) $ ( 237,153 ) $ 17,085 $ 21,468 Amortization expense for definite lived intangible assets was $ 5.2 million and $ 5.1 million for the years ended December 31, 2025 and 2024, respectively . Forecasted annual definite lived intangible asset amortization expense for 2026 through 2030 is $ 5.5 million, $ 4.9 million, $ 4.4 million, $ 2.1 million and $ 0.2 million, respectively. 69 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) NOTE 9 — OTHER ASSETS Other assets consist of the following as of December 31: (in thousands) 2025 2024 Restricted cash $ 2,859 $ 2,866 Surety bond collateral — 2,000 Security deposits 337 332 Other 1,571 1,306 Total $ 4,767 $ 6,504 NOTE 10 — ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accounts payable and accrued expenses consist of the following as of December 31: (in thousands) 2025 2024 Accounts payable $ 13,487 $ 17,887 Accrued expenses - general 17,282 9,591 Accrued salaries and benefits 6,659 5,022 Income taxes payable 2,167 1,012 Total $ 39,595 $ 33,512 Other current liabilities consist of the following as of December 31: (in thousands) 2025 2024 Operating lease liabilities $ 899 $ 1,495 Revolving loan agreement — 992 Other 1,906 751 Total $ 2,805 $ 3,238 Revolving Loan Agreement On June 3, 2024, in connection with the Company’s Property Renovation Services business, Altisource Solutions, Inc., an indirect subsidiary of Altisource Portfolio Solutions S.A, entered into a revolving loan agreement with a then related-party, Altisource Asset Management Corporation (“AAMC”) (the “Revolving Loan Agreement”). Under the terms of the Revolving Loan Agreement, AAMC will make loans to Altisource from time to time, as may be requested by Altisource. The Revolving Loan Agreement provides Altisource the ability to borrow an initial aggregate amount of up to $ 1.0 million, with the potential for this to be increased up to $ 3.0 million at the option of AAMC. Amounts that are repaid may be re-borrowed in accordance with the limitations set forth below. The maturity date of the Revolving Loan Agreement was June 3, 2025 and can be automatically extended for one year on each anniversary of the maturity date. During any extension period, AAMC may terminate the Revolving Loan Agreement upon 150 days prior written notice and the loan will mature upon such termination. During the second quarter of 2025, the Revolving Loan Agreement maturity date was extended to June 3, 2026. Borrowings under the Revolving Loan Agreement bear interest of 12.00 % per annum in cash and are payable monthly in arrears on the first business day of each calendar month. Altisource pays AAMC a monthly unused commitment fee in an amount equal to 0.25 % per annum of the average amount of the unused available credit under the Revolving Loan Agreement. Altisource’s obligation under the Revolving Loan Agreement is secured by certain receivables related to the Company’s residential real estate renovation services business. The outstanding balance on the Revolving Loan Agreement is due and payable on the maturity date. 70 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) As of December 31, 2024, there was $ 1.0 million of outstanding debt under the Revolving Loan Agreement which is included in other current liabilities in the accompanying consolidated balance sheet ( no comparative amount for the year ended December 31, 2025). NOTE 11 — LONG-TERM DEBT Long-term debt consists of the following as of December 31: (in thousands) 2025 2024 Senior secured term loans $ 159,175 $ 232,800 Super senior term loan 12,391 — Total principal debt 171,566 232,800 Plus: Unamortized premium 22,157 — Less: Unamortized discount ( 1,707 ) ( 1,372 ) Less: Unamortized debt issuance and amendment costs ( 930 ) ( 884 ) Long-term debt, net 191,086 230,544 Less: Current maturities of long-term debt ( 1,225 ) ( 230,544 ) Total long-term debt $ 189,861 $ — Principal payments are due as follows: (in thousands) Total 2026 1,225 2027 1,225 2028 1,225 2029 14,459 2030 153,432 Total debt $ 171,566 Senior Secured Term Loans In April 2018, Altisource Portfolio Solutions S.A. and its wholly-owned subsidiary, Altisource S.à r.l. (the “Borrower”), entered into a credit agreement with Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, and certain lenders (the “Credit Agreement”). Under the Credit Agreement, Altisource borrowed $ 412 million in the form of senior secured term loans (the “SSTL”). Effective February 14, 2023, Altisource Portfolio Solutions S.A. and Altisource S.à r.l. entered into Amendment No. 2 to the Credit Agreement (as amended by Amendment No. 2, the “Amended Credit Agreement”). On February 19, 2025, Altisource Portfolio Solutions S.A. and the Borrower entered into agreements with 100% of the lenders under the SSTL (the “Lenders”). Under these agreements, the Lenders exchanged the SSTL with an outstanding balance of $ 232.8 million for a $ 160.0 million new first lien loan facility (the “New Facility”) and 7.3 million shares of common stock (the “Debt Exchange Shares”) (collectively, the “Debt Exchange Transaction”). The New Facility is comprised of a $ 110.0 million interest-bearing loan (the “New Debt”) and a $ 50.0 million non-interest-bearing exit fee (the “Exit Fee”). Altisource Portfolio Solutions S.A. and its subsidiaries, subject to applicable exclusions in the New Facility credit agreement (the “New Facility Credit Agreement”), are guarantors on the New Facility (collectively, the “Guarantors”). We evaluated the Debt Exchange Transaction in accordance with ASC 470-60 Troubled Debt Restructuring . The evaluation for troubled debt restructuring includes assessing both qualitative and quantitative factors to determine whether the creditor granted a concession and whether the Company is experiencing financial difficulties. Our quantitative analysis consisted of comparing the effective borrowing rate on the New Facility to the effective borrowing rate on the SSTL immediately before the Debt Exchange Transaction. For purposes of ASC 470-60 Troubled Debt Restructuring , the Company concluded that (1) the lenders granted the Company a concession by reducing the effective borrowing rate on the debt and (2) the Company was experiencing financial difficulties. As a result, the Debt Exchange Transaction was accounted for as a troubled debt restructuring. The carrying value of the New Facility was determined as follows: 71 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) (in thousands) Total SSTL immediately before the Debt Exchange Transaction $ 232,800 Unamortized debt issuance costs and discount immediately before the Debt Exchange Transaction ( 1,296 ) Less: fair value of equity issued to the SSTL lenders ( 45,370 ) Less: fees paid to third parties on behalf of the SSTL lenders ( 1,145 ) Carrying value of the New Facility $ 184,989 Comprised of: Par value of the New Facility $ 160,000 Premium 26,285 Unamortized debt issuance costs and discount ( 1,296 ) Carrying value of the New Facility $ 184,989 In connection with the Debt Exchange Transaction, the Company also paid $ 3.6 million to advisors and others and recorded these payments as other expense in the consolidated statements of operations and comprehensive (loss) income. The maturity date for $ 157.8 million of the New Facility is April 30, 2030 and the maturity date for $ 1.4 million of the New Facility is January 15, 2029. The New Facility requires mandatory prepayments of the term loans, subject to customary exceptions, as follows: (i) 100 % of the proceeds of any other debt not permitted by the New Facility Credit Agreement, (ii) 95 % of the net proceeds from the exercise of the Cash Exercise Stakeholder Warrants, (iii) 100 % of the proceeds of Asset Sales (as defined in the New Facility Credit Agreement), subject to customary reinvestment rights for net proceeds of less than $ 3 million and certain exceptions, where applicable, (iv) 100 % of insurance or condemnation proceeds in excess of $ 10,000,000 in the aggregate for all losses in any fiscal year, subject to customary reinvestment rights, where applicable, and (v) beginning with the fiscal year ending December 31, 2025, the lesser of (a) 75 % of the Consolidated Excess Cash Flow (as defined in the New Facility Credit Agreement) for the most recently ended fiscal year of the Borrower for which financial statements have been delivered and (b) such amount which, immediately after giving effect to such repayment, would result in the Borrower and its subsidiaries having no less than $ 30 million of cash, shall be applied first to the prepayment of the Super Senior Facility (defined below) and, second, to the prepayment of the New Facility. All mandatory and voluntary prepayments under the New Facility are allocated between the New Debt and the Exit Fee on a pro rata basis. All amounts outstanding under the New Facility will become due on the earlier of (i) the maturity date, and (ii) the date on which the loans are declared to be due and owing by the administrative agent at the request (or with the consent) of the Required Lenders (as defined in the New Facility credit agreement; other capitalized terms, unless defined herein, are defined in the New Facility credit agreement) or as otherwise provided in the New Facility credit agreement upon the occurrence of any event of default. The New Debt bears interest at rates based upon, at our option, the Secured Overnight Financing Rate (“SOFR”) or the Base Rate, as defined in the New Facility credit agreement. SOFR-based term loans bear interest at a rate per annum equal to SOFR plus 6.50 % (with a 3.50 % SOFR floor) payable in cash. Base Rate-based term loans bear interest at a rate per annum equal to the Base Rate plus 5.50 % payable in cash. The interest rate on the SSTL in 2024 was SOFR plus 5.00 % payable in cash plus 3.75 % payable in kind. The interest rate as of December 31, 2025 was 10.60 %. The payment of all amounts owing by the Borrower under the New Facility credit agreement is guaranteed by the Guarantors and is secured by a lien on substantially all of the assets of the Borrower, Altisource Portfolio Solutions S.A. and the other Guarantors, subject to certain exceptions. The liens securing the New Facility are junior to the liens securing the Super Senior Facility (defined below) pursuant to, and as set forth in, an intercreditor agreement. The New Facility Credit Agreement contains representations, warranties, covenants, term and conditions customary for transactions of this type. This include covenants limiting Altisource, the Borrower and its subsidiaries, subject to certain exceptions and baskets, to (i) incur indebtedness, (ii) incur liens on its assets, (iii) agree to additional negative pledges, (iv) make Restricted Junior Payments (as defined in the New Facility Credit Agreement), (v) pay dividends or distribute assets, (vi) make investments, (vii) enter into any transaction of merger or consolidation, liquidate, wind-up or dissolve, or convey any part of its business, assets or property, or acquire the business, property or assets of another person, (viii) dispose of the equity interests of any Significant Subsidiaries, (ix) enter into sale and leaseback transactions, (x) enter into certain transactions with shareholders and affiliates, (xi) engage in a line of business substantially different than existing business and businesses 72 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) reasonably related, complementary or ancillary thereto, (xii) modify the terms of certain indebtedness, (xiii) modify the terms of its organizational documents, (xiv) change its fiscal year, and (xv) enter into any transactions undertaken in connection with a Liability Management Transaction (as defined in the New Facility Credit Agreement). The New Facility contains certain events of default including (i) failure to pay (x) principal when due or (y) interest or any other amount owing on any other obligation under the New Facility Credit Agreement within 5 days of becoming due, (ii) material incorrectness of representations and warranties when made, (iii) breach of certain other covenants, subject to cure periods described therein, (iv) failure to pay principal or interest on any other debt that equals or exceeds $ 10 million when due, (v) default on any other debt that equals or exceeds $ 10 million that causes, or gives the holder or holders of such debt the ability to cause, an acceleration of such debt, (vi) bankruptcy and insolvency events with respect to Altisource Portfolio Solutions S.A., Borrower or any Material Subsidiary (as defined in the New Facility Credit Agreement), (vii) entry by a court of one or more judgments against Altisource, Borrower or any Material Subsidiary in an amount in excess of $ 15 million that remain undischarged, unvacated, unbonded or unstayed for a certain number of days after the entry thereof, (viii) the occurrence of certain ERISA events, (ix) occurrence of a Change in Control, (x) the failure of certain Loan Documents (as defined in the New Facility Credit Agreement) to be in full force and effect or Altisource or any Guarantor challenges the validity of any such Loan Document, (xi) the termination of certain material contracts and (xii) failure to comply in any material respects with the terms of the Shareholder Warrants or the Warrant Agreement. If any event of default occurs and is not cured within applicable grace periods set forth in the New Facility Credit Agreement or waived, all loans and other obligations could become due and immediately payable. Deer Park Road Management Company, LP (together with its affiliates and managed funds, “Deer Park”), a related party, owned approximately 13 % and 16 % of Altisource’s common stock as of December 31, 2025 and 2024, respectively, and $ 19.8 million and $ 40.6 million of Altisource debt as of December 31, 2025 and 2024, respectively. An employee of Deer Park is a member of Altisource’s Board of Directors. During the years ended December 31, 2025 and 2024, Deer Park received interest of $ 1.8 million and $ 4.1 million, respectively. On April 3, 2025, Altisource Portfolio Solutions S.A. issued Deer Park Stakeholder Warrants to purchase 1.9 million shares of Altisource common stock for $ 9.5998 per share, which was its pro-rata share of the Stakeholder Warrants issued to all holders of common stock, RSUs and Penny Warrants (as defined in Note 12) as of the record date for the issuance of Stakeholder Warrants. During the first quarter of 2025, UBS Asset Management (Americas) LLC (together with its affiliates and managed funds, “UBS”) and Benefit Street Partners L.L.C. (together with its affiliates and managed funds, “Benefit Street”) became related parties of Altisource. As of December 31, 2025, UBS owns approximately 22 % of the common stock and $ 63.7 million of Altisource debt. During the year ended December 31, 2025, UBS received interest of $ 5.5 million. On April 3, 2025, Altisource Portfolio Solutions S.A. issued UBS Stakeholder Warrants to purchase 0.2 million shares of Altisource common stock for $ 9.5998 per share, which was its pro-rata share of the Stakeholder Warrants issued to all holders of common stock, RSUs and Penny Warrants as of the record date for the issuance of Stakeholder Warrants. As of December 31, 2025, Benefit Street owned approximately 16 % of the common stock and $ 30.8 million of Altisource debt. During the year ended December 31, 2025, Benefit Street received interest of $ 2.2 million. On April 3, 2025, Altisource Portfolio Solutions S.A. issued Benefit Street Stakeholder Warrants to purchase 2.2 million shares of Altisource common stock for $ 9.5998 per share, which was its pro-rata share of the Stakeholder Warrants issued to all holders of common stock, RSUs and Penny Warrants as of the record date for the issuance of Stakeholder Warrants. For additional information on the Stakeholder Warrants, see Note 12. As of December 31, 2025, debt issuance and amendment costs were $ 0.9 million, net of $ 9.1 million of accumulated amortization. As of December 31, 2024, debt issuance and amendment costs were $ 0.9 million, net of $ 8.5 million of accumulated amortization. Super Senior Credit Facility On February 19, 2025, Altisource Portfolio Solutions S.A. and the Borrower also entered into a $ 12.5 million super senior credit facility (the “Super Senior Facility”) to fund transaction costs related to the Debt Exchange Transactions (defined above) and for general corporate purposes. The maturity date of the Super Senior Facility is February 19, 2029. The original issue discount on the Super Senior Facility is 10.0 %. Beginning with the fiscal year ending December 31, 2025, the lesser of (a) 75 % of the aggregate Consolidated Excess Cash Flow (as defined in the Super Senior Facility credit agreement (the “Super Senior Credit Agreement”)) for the most recently ended fiscal year of the Company for which financial statements have been delivered and (b) such amount which, immediately 73 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) after giving effect to such repayment, would result in the Company having no less than $ 30 million of total cash on its balance sheet, shall be applied first to the prepayment of the Super Senior Facility and, second, to the prepayment of the New Facility. The payment of all amounts owing by the Borrower under the Super Senior Credit Agreement is guaranteed by the Guarantors and is secured by a lien on substantially all of the assets of Altisource Portfolio Solutions S.A. and the Guarantors, subject to certain exceptions. The liens securing the Super Senior Facility are senior to the liens securing the New Facility pursuant to, and as set forth in, the Super Senior Intercreditor Agreement. The Super Senior Credit Agreement contains representations, warranties, covenants, terms and conditions customary for transactions of this type. These include covenants limiting Altisource Portfolio Solutions S.A., the Borrower and their subsidiaries, subject to certain exceptions and baskets, to (i) incur indebtedness, (ii) incur liens on its assets, (iii) agree to additional negative pledges, (iv) make Restricted Junior Payments (as defined in the Super Senior Credit Agreement), (v) pay dividends or distribute assets, (vi) make investments, (vii) enter into any transaction of merger or consolidation, liquidate, wind-up or dissolve, or convey any part of its business, assets or property, or acquire the business, property or assets of another person, (viii) dispose of the equity interests of any Significant Subsidiaries, (ix) enter into sale and leaseback transactions, (x) enter into certain transactions with shareholders and affiliates, (xi) engage in a line of business substantially different than existing business and businesses reasonably related, complementary or ancillary thereto, (xii) modify the terms of certain indebtedness, (xiii) modify the terms of its organizational documents, (xiv) change its fiscal year, and (xv) enter into any transactions undertaken in connection with a Liability Management Transaction (as defined in the Super Senior Credit Agreement). The Super Senior Credit Agreement also requires that the Borrower maintain minimum daily liquidity of not less than the lesser of (a) $ 12.5 million and (b) the aggregate principal amount of Term Loans (as defined in the Super Senior Credit Agreement) under the Super Senior Facility outstanding on such date. The Super Senior Credit Agreement requires mandatory prepayments of the term loans, subject to customary exceptions, as follows: (i) 100 % of the proceeds of any other debt not permitted by the Super Senior Credit Agreement, (ii) 95 % of the proceeds from the exercise of the Cash Exercise Stakeholder Warrants, (iii) 100 % of the proceeds of Asset Sales (as defined in the Super Senior Credit Agreement), subject to customary reinvestment rights for net proceeds of less than $ 3 million and certain exceptions, where applicable, (iv) 100 % of insurance or condemnation proceeds in excess of $ 10,000,000 in the aggregate for all losses in any fiscal year, subject to customary reinvestment rights, where applicable, and (v) beginning with the fiscal year ending December 31, 2025, the lesser of (a) 75 % of the aggregate Consolidated Excess Cash Flow for the most recently ended fiscal year of the Borrower for which financial statements have been delivered and (b) such amount which, immediately after giving effect to such repayment, would result in the Borrower and its subsidiaries having no less than $ 30 million of cash. All amounts outstanding under the Super Senior Credit Agreement will become due on the earlier of (i) the maturity date, and (ii) the date on which the loans are declared to be due and owing by the administrative agent at the request (or with the consent) of the Required Lenders (as defined in the Super Senior Credit Agreement; other capitalized terms, unless defined herein, are defined in the Super Senior Credit Agreement) or as otherwise provided in the Super Senior Credit Agreement upon the occurrence of any event of default. The Super Senior Facility bears interest at rates based upon, at our option, the SOFR or the Base Rate, as defined in the Super Senior Credit Agreement. SOFR-based term loans bear interest at a rate per annum equal to SOFR plus 6.50 % (with a 3.50 % SOFR floor) payable in cash. Base Rate-based term loans bear interest at a rate per annum equal to the Base Rate plus 5.50 % payable in cash. The interest rate as of December 31, 2025 was 10.60 %. The Super Senior Credit Agreement contains certain events of default, including (i) failure to pay (x) principal when due or (y) interest or any other amount owing on any other obligation under the Credit Agreement within 5 days of becoming due, (ii) material incorrectness of representations and warranties when made, (iii) breach of certain other covenants, subject to cure periods described therein, (iv) failure to pay principal or interest on any other debt that equals or exceeds $ 10 million when due, (v) default on any other debt that equals or exceeds $ 10 million that causes, or gives the holder or holders of such debt the ability to cause, an acceleration of such debt, (vi) bankruptcy and insolvency events with respect to Altisource Portfolio Solutions S.A., Borrower or any Material Subsidiary (as defined in the Super Senior Credit Agreement), (vii) entry by a court of one or more judgments against Altisource Portfolio Solutions S.A., Borrower or any Material Subsidiary in an amount in excess of $ 15 million that remain undischarged, unvacated, unbonded or unstayed for a certain number of days. 74 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) Revolver On June 22, 2021 Altisource S.à r.l; a subsidiary of Altisource Portfolio Solutions S.A., entered into a revolving credit facility with STS Master Fund, Ltd. (“STS”) (the “Revolver”). STS is an investment fund managed by Deer Park. The Revolver was amended effective February 14, 2023. On February 19, 2025, Altisource entered into an agreement to terminate the $ 15.0 million Revolver with STS. As of December 31, 2024, the Company did not have any borrowings outstanding under the Revolver. NOTE 12 — WARRANTS Penny Warrants On February 14, 2023, the lenders under the Amended Credit Agreement (see Note 11 for additional information) received warrants (the “Penny Warrants”) to purchase 402,981 shares of Altisource common stock (the “Penny Warrant Shares”). The number of Penny Warrant Shares was subject to reduction based on the amount of Aggregate Paydowns (as defined in the Amended Credit Agreement). Based on Aggregate Paydowns made during 2023, the number of Penny Warrant Shares was reduced to 201,588 . The following table summarizes the activity related to our Penny Warrant Shares: Penny Warrant Shares Outstanding as of December 31, 2023 201,588 Exercised ( 12,105 ) Outstanding as of December 31, 2024 189,483 Exercised ( 189,483 ) Outstanding as of December 31, 2025 — The exercise price per share of common stock under each Penny Warrant was equal to $ 0.01 . As of December 31, 2025, no Penny Warrant Shares remain outstanding. Stakeholder Warrants On April 3, 2025, the Company issued 70.5 million warrants to purchase approximately 14.3 million shares of Altisource common stock for $ 9.5998 per share (the “Stakeholder Warrants”). The distribution of Stakeholder Warrants was contingent upon, among other things, approval of the issuance by the Company’s shareholders and the consummation of the Debt Exchange Transaction (such conditions, collectively, the “Distribution Conditions”). The Distribution Conditions were satisfied during the quarter ended March 31, 2025. Fifty percent of the Stakeholder Warrants will expire on April 2, 2029 and require settlement through the cash payment to the Company of the exercise price of such Stakeholder Warrant (“Cash Exercise Stakeholder Warrants”). Fifty percent of the Stakeholder Warrants will expire on April 30, 2032 and require settlement through the forfeiture of shares of common stock to the Company equal to the exercise price of such Stakeholder Warrants (“Net Settle Stakeholder Warrants”). Each Stakeholder Warrant is exercisable for 0.20313 shares of our common stock, subject to adjustment in accordance with the terms of the Stakeholder Warrants. The Stakeholder Warrants became exercisable pursuant to their term on July 28, 2025. The Stakeholder Warrants are listed on the NASDAQ Global Select Market and began trading on May 7, 2025. The Cash Exercise Stakeholder Warrants trade under the symbol “ASPSZ” and the Net Settle Stakeholder Warrants trade under the symbol “ASPSW”. For purposes of recording the issuance of the Stakeholder Warrants during the three months ended March 31, 2025, the fair values of the Cash Exercise Stakeholder Warrants and the Net Settle Stakeholder Warrants were determined using the Black-Scholes option pricing model. The following table summarizes the fair value of the Stakeholder Warrants and the assumptions used to determine the fair value: 75 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) Cash Exercise Stakeholder Warrants Net Settle Stakeholder Warrants Risk-free interest rate (%) 4.29 % 4.42 % Expected stock price volatility (%) 57.50 % 57.50 % Expected dividend yield 0.00 % 0.00 % Expected option life (in years) 4.12 7.19 Fair value per Stakeholder Warrant $ 0.47 $ 0.68 The Stakeholder Warrants are indexed to the common stock and are classified as equity under ASC 815 Derivatives and Hedging , resulting in a $ 40.5 million increase in Additional paid-in capital. The distribution of the Stakeholder Warrants are non-reciprocal pro rata distributions and are accounted for as a dividend. Because the Company has negative retained earnings, the Company recorded the dividend as a $ 40.5 million reduction to Additional paid-in capital. Since the transaction is accounted for as both an increase and a decrease in Additional paid-in capital, the net result is zero and is not reflected in the Consolidated Statements of Equity (Deficit). The following table summarizes outstanding Stakeholder Warrants and Stakeholder Warrant Shares issuable upon the exercise of outstanding Stakeholder Warrants following the distribution: Cash Exercise Stakeholder Warrants Cash Exercise Stakeholder Warrant Shares Net Settle Stakeholder Warrants Net Settle Stakeholder Warrant Shares Total Stakeholder Warrants Total Stakeholder Warrant Shares 35,230,503 7,156,372 35,230,503 7,156,372 70,461,006 14,312,744 The following table summarizes the activity related to Stakeholder Warrants: Cash Exercise Stakeholder Warrants Net Settle Stakeholder Warrants Outstanding at December 31, 2024 — — Granted 35,230,503 35,230,503 Exercised 16,551 61,123 Outstanding at December 31, 2025 35,213,952 35,169,380 NOTE 13 — OTHER NON-CURRENT LIABILITIES Other non-current liabilities consist of the following as of December 31: (in thousands) 2025 2024 Income tax liabilities $ 3,338 $ 19,068 Operating lease liabilities 248 831 Deferred revenue 47 — Other non-current liabilities 64 117 Total $ 3,697 $ 20,016 See Note 20 for a discussion of the reduction in income tax liabilities. 76 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) NOTE 14 — FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS The following table presents the carrying amount and estimated fair value of financial instruments and certain liabilities measured at fair value as of December 31, 2025 and 2024. The following fair values are estimated using market information and what the Company believes to be appropriate valuation methodologies under GAAP: December 31, 2025 December 31, 2024 (in thousands) Carrying amount Fair value Carrying amount Fair value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 26,603 $ 26,603 $ — $ — $ 29,811 $ 29,811 $ — $ — Restricted cash 3,890 3,890 — — 2,889 2,889 — — Liabilities: Senior secured term loans 159,175 — 113,810 — 232,800 — 128,040 — Super senior term loan 12,391 — — 12,391 — — — — Revolving loan agreement — — — — 1,000 — — 1,000 Fair Value Measurements on a Recurring Basis Cash and cash equivalents and restricted cash are carried at amounts that approximate their fair values due to the highly liquid nature of these instruments and are measured using Level 1 inputs. The fair value of our senior secured term loan is based on quoted mark prices. Based on the frequency of trading, we do not believe that there is an active market for our debt. Therefore, the quoted prices are considered Level 2 inputs. Our Super Senior Facility and Revolving Loan Agreement were measured using Level 3 inputs based on the present value of the future payments. As quoted market prices are not available and there is no trading, we believe that the contractual interest rates represent the market rate at the measurement date and therefore the fair value equals the book value. There were no transfers between different levels during the periods presented. Concentrations of Credit Risk Financial instruments that subject us to concentrations of credit risk primarily consist of cash and cash equivalents and accounts receivable. Our policy is to deposit our cash and cash equivalents with larger, highly rated financial institutions. The Company derived 42 % of its revenue from Onity for the year ended December 31, 2025 (see Note 3 for additional information on Onity revenues and accounts receivable balance). The Company strives to mitigate its concentrations of credit risk with respect to accounts receivable by actively monitoring past due accounts and the economic status of larger customers, if known. NOTE 15 — SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION Common stock As of December 31, 2025, we had 250.0 million shares authorized, 11.0 million issued and 11.0 million shares of common stock outstanding. As of December 31, 2024, we had 100.0 million shares authorized, 3.7 million shares issued and 3.4 million shares of common stock outstanding. The holders of shares of Altisource common stock generally are entitled to one vote for each share on all matters voted on by shareholders, and the holders of such shares generally possess all voting power. On February 18, 2025, the Company’s shareholders approved an increase in the number of authorized shares from 100 million to 250 million, a decrease in the par value of the common stock from $ 1.00 to $ 0.01 and an increase in the number of shares of common stock reserved for issuance under the Equity Plan from approximately 1.5 million to approximately 2.0 million. On February 19, 2025, the Company issued 7.3 million Debt Exchange Shares to lenders in connection with the Debt Exchange Transaction. See Note 10, Long-Term Debt. Pursuant to the terms of the Exchange Agreement, dated February 19, 2025, by and among the Borrower and Altisource Portfolio Solutions S.A., on the one hand, and the Lenders, on the other hand, with limited exceptions, the Lenders were not, among other things, permitted to sell, offer to sell, grant any option to purchase or otherwise dispose of any Debt Exchange Shares, without the prior written consent of Altisource Portfolio Solutions S.A., until September 17, 2025. 77 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) Equity Incentive Plan Our 2009 Equity Incentive Plan (the “Plan”) provides for various types of equity awards, including stock options, stock appreciation rights, stock purchase rights, restricted shares, restricted stock units (“RSUs”) and other awards, or a combination of any of the above. Under the Plan, we may grant up to 2.0 million Altisource share-based awards to officers, directors, employees and to employees of our affiliates. As of December 31, 2025, 0.2 million share-based awards were available for future grant under the Plan. Expired and forfeited awards are available for reissuance. Share Repurchase Program On May 16, 2023, our shareholders approved the renewal and amendment of the share repurchase program previously approved by our shareholders on May 15, 2018. Under the program, we are authorized to purchase up to 0.4 million shares of our common stock, based on a limit of 15 % of the outstanding shares of common stock on the date of approval, at a minimum price of $ 8.00 per share and a maximum price of $ 200.00 per share, until May 16, 2028. As of December 31, 2025, approximately 0.4 million shares of common stock remain available for repurchase under the program. In connection with the elimination of the fractional shares resulting from the Share Consolidation, the Company purchased 204 shares of common stock during the second quarter of the year ended December 31, 2025. There were no other purchases of shares of common stock during the years ended December 31, 2025 and 2024. Under the New Facility and the Super Senior Facility, we are not permitted to repurchase shares except under limited circumstances. Share-Based Compensation We issue share-based awards in the form of stock options, restricted shares and restricted share units (RSUs) for certain employees, officers and directors. We recognized share-based compensation expense of $ 4.3 million and $ 4.7 million for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, estimated unrecognized compensation costs related to share-based awards amounted to $ 3.1 million, which we expect to recognize over a weighted average remaining requisite service period of approximately 1.40 years. Stock Options Stock option grants are composed of a combination of service-based, market-based and performance-based options. Service-Based Options. These options generally vest over three or four years with equal annual vesting and generally expire on the earlier of ten years after the date of grant or following termination of service. A total of 4 thousand service-based options were outstanding as of December 31, 2025. Market-Based Options . These option grants generally have two components, each of which vests only upon the achievement of certain criteria. The first component, which we refer to as “ordinary performance” grants, generally consists of two-thirds of the market-based grant and begins to vest if the stock price is at least double the exercise price, as long as the stock price realizes a compounded annual gain of at least 20 % over the exercise price. The remaining third of the market-based options, which we refer to as “extraordinary performance” grants, generally begins to vest if the stock price is at least triple the exercise price, as long as the stock price realizes a compounded annual gain of at least 25 % over the exercise price. Market-based options generally vest in three or four year installments with the first installment vesting upon the achievement of the criteria and the remaining installments vesting thereafter in equal annual installments. Market-based options generally expire on the earlier of ten years after the date of grant or following termination of service, unless the performance criteria is met prior to termination of service or in the final three years of the option term, in which case vesting will generally continue in accordance with the provisions of the award agreement. A total of 3 thousand market-based options were outstanding as of December 31, 2025. Performance-Based Options. These option grants generally will vest if certain specific financial measures are achieved; typically with one-fourth vesting on each anniversary of the grant date. The award of performance-based options is adjusted based on the level of achievement specified in the award agreements. If the performance criteria achieved is above threshold performance levels, participants generally have the opportunity to vest in 50 % to 200 % of the option grants, depending upon performance achieved. If the performance criteria achieved is below a certain threshold, the options are canceled. The options generally expire on the earlier of ten years after the date of grant or following termination of service, unless the performance criteria is met prior to termination of service in which case vesting will generally continue in accordance with the provisions of the award agreement. There were 33 thousand performance-based options outstanding as of December 31, 2025. There were no stock option grants during the years ended December 31, 2025 and 2024. 78 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) We determined the expected option life of all service-based stock option grants using the simplified method, determined based on the graded vesting term plus the contractual term of the options, divided by two. We use the simplified method because we believe that our historical data does not provide a reasonable basis upon which to estimate expected option life. The following table summarizes the grant date fair value of stock options that vested during the years ended December 31: (in thousands, except per share data) 2025 2024 Weighted average grant date fair value of stock options granted per share $ — $ — Intrinsic value of options exercised — — Grant date fair value of stock options that vested $ 112 $ 98 The following table summarizes the activity related to our stock options: Number of options Weighted average exercise price Weighted average contractual term (in years) Aggregate intrinsic value (in thousands) Outstanding as of December 31, 2024 85,008 $ 174.02 3.11 $ — Granted — — Forfeited ( 44,689 ) 153.10 Outstanding as of December 31, 2025 40,319 191.34 2.29 — Exercisable as of December 31, 2025 36,175 195.15 2.33 — The following table summarizes information about stock options outstanding and exercisable as of December 31, 2025: Options outstanding Options exercisable Exercise price range (1) Number Weighted average remaining contractual life (in years) Weighted average exercise price Number Weighted average remaining contractual life (in years) Weighted average exercise price $ 50.01 — $ 100.00 2,919 6.42 $ 94.85 2,452 6.35 $ 94.86 $ 150.01 — $ 200.00 32,845 2.12 198.56 31,879 2.12 198.56 $ 200.01 — $ 250.00 1,434 1.41 220.66 93 0.38 217.04 $ 250.01 — $ 300.00 3,121 0.73 267.41 1,751 0.79 272.33 40,319 36,175 ______________________________________ (1) These options contain market-based and performance-based components as described above. The following table summarizes the market prices necessary in order for the market-based options to begin to vest: Market-based options Vesting price Ordinary performance Extraordinary performance Over $ 190.00 1,859 2,229 Total 1,859 2,229 Weighted average share price $ 241.24 $ 241.22 Other Share-Based Awards 79 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) The Company’s other share-based and similar types of awards are comprised of restricted shares and RSUs. The restricted shares and RSUs are comprised of a combination of service-based awards, performance-based awards and performance and market-based awards. Service-Based Awards. These awards generally vest over one -to- four year periods. A total of 968 thousand service-based awards were outstanding as of December 31, 2025. Performance-Based Awards. These awards generally vest if certain specific financial measures are achieved; generally one-third vests on each anniversary of the grant date or cliff-vest on the third anniversary of the grant date. The number of performance-based restricted shares and RSUs that may vest is based on the level of achievement as specified in the award agreements. If the performance criteria achieved is above certain financial performance levels and Altisource’s share performance is above certain established criteria, participants have the opportunity to vest in up to 150 % of the restricted share unit award for certain awards. If the performance criteria achieved is below certain thresholds, the award is canceled. A total of 29 thousand performance-based awards were outstanding as of December 31, 2025. Performance-Based and Market-Based Awards. These awards generally vest if certain specific financial measures are achieved and if certain specific market conditions are achieved. If the performance criteria achieved is above certain financial performance levels and Altisource’s share performance is above certain established criteria, participants have the opportunity to vest in up to 300 % of the restricted share unit award for certain awards. If the performance criteria or the market criteria is below certain thresholds, the award is canceled. The Company estimates the grant date fair value of these awards using a Monte Carlo simulation model. A total of 29 thousand performance-based and market-based awards were outstanding as of December 31, 2025. The Company granted 964 thousand RSUs (at a weighted average grant date fair value of $ 7.62 per share) during the year ended December 31, 2025. These grants included approximately 0.6 million of RSUs granted to senior management in connection with the Debt Exchange Transaction, 12 thousand performance-based awards and 12 thousand awards that include both a performance condition and a market condition. The Company granted 216 thousand RSUs (at a weighted average grant date fair value of $ 19.12 per share) during the year ended December 31, 2024. These grants included 11 thousand performance-based awards and 11 thousand awards that include both a performance condition and a market condition. The following table summarizes the activity related to our restricted shares and RSUs: Number of restricted shares and restricted share units Outstanding as of December 31, 2024 249,562 Granted 964,138 Issued ( 114,300 ) Forfeited / canceled ( 73,555 ) Outstanding as of December 31, 2025 1,025,845 The following assumptions were used to determine the fair values for the awards that include both a performance condition and a market condition for the years ended December 31: 2025 2024 Risk-free interest rate (%) 4.29 4.09 Expected stock price volatility (%) 136.82 66.24 Expected dividend yield — — Expected life (in years) 3 3 Fair value $ 17.04 $ — 80 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) NOTE 16 — REVENUE We classify revenue in three categories: service revenue, revenue from reimbursable expenses and non-controlling interests. Service revenue consists of amounts attributable to our fee-based services. Reimbursable expenses and non-controlling interests are pass-through items for which we earn no margin. Reimbursable expenses consist of amounts we incur on behalf of our customers in performing our fee-based services that we pass directly on to our customers without a markup. Non-controlling interests represent the earnings of Lenders One, a consolidated entity that is a mortgage cooperative managed, but not owned, by Altisource. Lenders One’s earnings are included in revenue and reduced from net income (loss) to arrive at net income (loss) attributable to Altisource (see Note 2). Our services are provided to customers primarily located in the United States. The components of revenue were as follows for the years ended December 31: (in thousands) 2025 2024 Service revenue $ 161,257 $ 150,354 Reimbursable expenses 9,405 9,592 Non-controlling interests 313 188 Total $ 170,975 $ 160,134 Disaggregation of Revenue Disaggregation of total revenue by segment and major source was as follows for the years ended December 31: 2025 2024 (in thousands) Servicer and Real Estate Origination Total revenue Servicer and Real Estate Origination Total revenue Revenue recognized when services are performed or assets are sold $ 116,630 $ 34,777 $ 151,407 $ 109,198 $ 29,940 $ 139,138 Revenue related to technology platforms and professional services 9,427 736 10,163 10,741 663 11,404 Reimbursable expenses revenue 8,780 625 9,405 9,011 581 9,592 Total revenue $ 134,837 $ 36,138 $ 170,975 $ 128,950 $ 31,184 $ 160,134 Disaggregation of service revenue by the timing of revenue recognition was as follow for the years ended December 31: (in thousands) 2025 2024 Over-time revenue recognition $ 37,810 $ 30,384 Point-in-time revenue recognition 123,447 119,970 Total service revenue $ 161,257 $ 150,354 The timing of revenue recognition, billings, and cash collections results in billed, and unbilled accounts receivable (presented as accounts receivable on our consolidated balance sheets), and customer advances (presented as deferred revenue on our consolidated balance sheets), where applicable. The over-time revenue recognition model consists primarily of the following services for which revenue is recognized over the period during which services are provided: • For foreclosure trustee services, revenue is recognized as work progresses, in accordance with agreed upon milestones with full recognition upon completion and/or recording the related foreclosure deed • For software-as-a-service (“SaaS”) based technology to manage REO, we recognize revenue over the estimated average number of months the REO properties are on the platform before they are sold • For vendor management transactions, revenue is recognized over the period during which services are provided • For fund disbursement services, we recognize revenue over the period during which we perform the processing services with full recognition upon completion of the disbursements 81 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) • For residential real estate renovation services, we recognize revenue over time as work is completed, measured by the percentage of work performed relative to the total project. Field inspections by qualified professionals form a fundamental part of the Company’s assessment, measure and documentation of work completed on real estate renovations. As of December 31, 2025, the value of unfulfilled renovation orders amounted to $ 3.7 million, with the majority of this backlog expected to be completed and recognized as revenue within the first quarter of 2026 and the remainder anticipated to be completed in the second quarter of 2026 • We recognize membership fees from Lender One members ratably over the term of membership • For vendor management oversight SaaS, we recognize revenue over the period during which we perform the services. Transactions with Related Parties John G. Aldridge, Jr., the Managing Partner of Aldridge Pite LLP (“Aldridge Pite”), is a member of the Board of Directors of Altisource. Aldridge Pite provides eviction and other real estate related services to the Company and pays for the use of certain of the Company’s technology in connection with providing these services. The Company recognized service revenue of $ 0.1 million and $ 0.1 million for the years ended December 31, 2025 and 2024, respectively, relating to services provided to Aldridge Pite. Contract Balances Our contract assets consist of unbilled accounts receivable (see Note 4). Our contract liabilities consist of current deferred revenue and other non-current liabilities as reported on the accompanying consolidated balance sheets. The deferred revenue opening and closing balances were as follows for the years ended December 31: (in thousands) 2025 2024 Deferred revenue, beginning balance $ 3,979 $ 3,204 Revenue recognized that was included in the deferred revenue balance at the beginning of the period ( 3,801 ) ( 3,581 ) Increase due to billing, excluding amounts recognized as revenue during the period 3,309 4,356 Deferred revenue, ending balance $ 3,487 $ 3,979 NOTE 17 — COST OF REVENUE Cost of revenue principally includes payroll and employee benefits associated with personnel employed in customer service, operations and technology roles, fees paid to external providers related to the provision of services, reimbursable expenses, technology and telecommunications costs as well as depreciation and amortization of operating assets. The components of cost of revenue were as follows for the years ended December 31: (in thousands) 2025 2024 Outside fees and services $ 69,317 $ 59,808 Compensation and benefits 31,115 29,321 Technology and telecommunications 11,848 11,282 Reimbursable expenses 9,405 9,592 Depreciation and amortization 380 602 Total $ 122,065 $ 110,605 Transactions with Related Parties The Company recognized cost of revenue of $ 1.1 million and $ 1.0 million for the years ended December 31, 2025 and 2024, respectively, relating to services received from Aldridge Pite. As of December 31, 2025, the Company had no amounts payable to Aldridge Pite . 82 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) NOTE 18 — SELLING, GENERAL AND ADMINISTRATIVE EXPENSES Selling, general and administrative expenses includes payroll and employee benefits associated with personnel employed in executive, sales and marketing, finance, technology, law, compliance, human resources, vendor management, facilities and risk management roles. This category also includes professional services fees, occupancy costs, marketing costs, depreciation and amortization of non-operating assets and other expenses. The components of selling, general and administrative expenses were as follows for the years ended December 31: (in thousands) 2025 2024 Compensation and benefits $ 20,008 $ 19,212 Professional services 5,157 10,118 Amortization of intangible assets 5,183 5,080 Occupancy related costs 3,388 3,556 Marketing costs 2,375 2,051 Depreciation and amortization 137 395 Other 4,728 5,208 Total $ 40,976 $ 45,620 NOTE 19 — OTHER INCOME (EXPENSE), NET Other income (expense), net consists of the following for the years ended December 31: (in thousands) 2025 2024 Interest income (expense) $ 1,403 $ 1,029 Other, net ( 147 ) 1,757 Total $ 1,256 $ 2,786 NOTE 20 — INCOME TAXES The components of loss before income taxes and non-controlling interests consist of the following for the years ended December 31: (in thousands) 2025 2024 Domestic - Luxembourg $ ( 14,147 ) $ ( 34,896 ) Foreign - U.S. ( 4,347 ) ( 283 ) Foreign - non-U.S. 4,348 2,312 Total $ ( 14,146 ) $ ( 32,867 ) 83 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) The income tax benefit (provision) consists of the following for the years ended December 31: (in thousands) 2025 2024 Current: Foreign - U.S. ( 129 ) ( 241 ) Foreign - non-U.S. 15,010 ( 3,024 ) 14,881 ( 3,265 ) Deferred: Domestic - Luxembourg $ 387 $ — Foreign - U.S. 712 341 Foreign - non-U.S. 94 343 1,193 684 Total: Domestic - Luxembourg $ 387 $ — Foreign - U.S. 583 100 Foreign - non-U.S. 15,104 ( 2,681 ) Income tax benefit (provision) $ 16,074 $ ( 2,581 ) On June 30, 2024, we exited the Uruguay free trade zone and, as a result, no longer benefit from the Uruguay tax holiday. The impact of this tax holiday decreased foreign taxes by $ 0.1 million (less than $ 0.01 , per diluted share) for the year ended December 31 2024. The Company accounts for certain income and expense items differently for financial reporting purposes and income tax purposes. We recognize deferred income tax assets and liabilities for these differences between the financial reporting basis and the tax basis of our assets and liabilities as well as expected benefits of utilizing net operating loss and credit carryforwards. We measure deferred income tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we expect to recover or settle those temporary differences. A summary of the tax effects of the temporary differences is as follows for the years ended December 31: (in thousands) 2025 2024 Non-current deferred tax assets: Net operating loss carryforwards $ 498,892 $ 527,180 Other non-U.S. deferred tax assets 11,073 12,346 Share-based compensation 1,095 1,308 Accrued expenses 2,461 2,308 U.S. federal and state tax credits 482 622 Depreciation 8 14 Non-current deferred tax liabilities: Intangible assets ( 8,755 ) ( 9,141 ) Other ( 278 ) ( 611 ) 504,978 534,026 Valuation allowance ( 507,277 ) ( 537,425 ) Non-current deferred tax liabilities, net $ ( 2,299 ) $ ( 3,399 ) 84 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) A valuation allowance is provided when it is deemed more likely than not that some portion or all of a deferred tax asset will not be realized. In determining whether a valuation allowance is needed requires an extensive analysis of positive and negative evidence regarding realization of the deferred tax assets and, inherent in that, an assessment of the likelihood of sufficient future taxable income. When there is a cumulative pretax loss for financial reporting for the current and two preceding years (i.e., a three year cumulative loss), this is a significant element of negative evidence that would be difficult to overcome on a more likely than not or any other basis. Therefore, the Company’s valuation allowance was $ 507.3 million and $ 537.4 million as of December 31, 2025 and 2024, respectively. The Company does not recognize deferred taxes on cumulative earnings of its U.S. and certain other non-Luxembourg subsidiaries because the Company intends for those earnings to be indefinitely reinvested. There are no cumulative earnings in the Company’s U.S. subsidiaries. The other non-Luxembourg earnings that are indefinitely reinvested as of December 31, 2025 were approximately $ 0.5 million which, if distributed, would result in additional tax due totaling $ 0.02 million. The Company had a deferred tax asset of $ 498.9 million as of December 31, 2025 relating to Luxembourg, U.S. federal, state and foreign net operating losses compared to $ 527.2 million as of December 31, 2024. As of December 31, 2025 and 2024, a valuation allowance of $ 497.8 million and $ 526.6 million, respectively, has been established related to Luxembourg net operating losses (“NOL”). The gross amount of net operating losses available for carryover to future years is approximately $ 2,088.7 million as of December 31, 2025 and approximately $ 2,112.5 million as of December 31, 2024. These losses are scheduled to expire between the years 2026 and 2044. The current year Luxembourg deferred tax asset, and related valuation allowance, include a $ 2.9 million decrease related to a prior year correction of net operating losses. The correction had no impact on the deferred tax asset reported on the balance sheet or income tax expense on the income statement. In addition, the Company had a deferred tax asset of $ 0.6 million and $ 0.8 million, respectively, as of December 31, 2025 and 2024 relating to state tax credits. Some of the state tax credit carryforwards have an indefinite carryforward period. The effective tax rate differs from the Luxembourg statutory tax rate due to tax rate differences on foreign earnings, changes in uncertain tax positions, state taxes, tax exempt income primarily from the sale of Pointillist and a valuation allowance against deferred tax assets the Company believes it is more likely than not will not be realized. 85 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) The following table reconciles the Luxembourg statutory tax rate to our effective tax rate for the years ended December 31: (in thousands) 2025 2024 Amount % of Pretax Income Amount % of Pretax Income Statutory tax rate $ ( 3,377 ) 23.87 % $ ( 8,197 ) 24.94 % Domestic - Luxembourg: Nontaxable and nondeductible items (loss on treasury shares) ( 802 ) 5.67 ( 36,991 ) 112.55 Nontaxable and nondeductible items (gain on debt) 1,220 ( 8.62 ) — — Nontaxable and nondeductible items (intercompany) 3,438 ( 24.30 ) — — Change in enacted rates 22,208 ( 156.99 ) — — Change in valuation allowance ( 30,028 ) 212.27 45,615 ( 138.79 ) Other 6,953 ( 49.15 ) 79 ( 0.24 ) Foreign tax effects: India: Tax rate differences on foreign earnings 414 ( 2.93 ) ( 148 ) 0.45 Local statutory accounting differences ( 252 ) 1.78 234 ( 0.71 ) Effect of cross-border tax laws 968 ( 6.84 ) 25 ( 0.08 ) Other 63 ( 0.45 ) ( 98 ) 0.30 United States: Tax rate differences on foreign earnings 40 ( 0.27 ) ( 95 ) 0.29 Excess tax benefits on share-based payments 458 ( 3.24 ) 419 ( 1.27 ) Change in valuation allowance — — ( 9,168 ) 27.90 Nontaxable and nondeductible items (unrecognized tax loss) — — 9,168 ( 27.90 ) Other ( 42 ) 0.30 43 ( 0.13 ) Other foreign jurisdictions ( 46 ) 0.33 44 ( 0.14 ) Worldwide changes in unrecognized tax benefits ( 17,289 ) 122.22 1,651 ( 5.02 ) Effective tax rate $ ( 16,074 ) 113.65 % $ 2,581 ( 7.85 ) % The Company follows ASC Topic 740 which clarifies the accounting and disclosure for uncertainty in tax positions. We analyzed our tax filing positions in the domestic and foreign tax jurisdictions where we are required to file income tax returns as well as for all open tax years subject to audit in these jurisdictions. The Company has open tax years in the United States (2018 through 2024), India (2011 through 2025) and Luxembourg (2017 through 2024). Under Luxembourg legal and regulatory requirements, the public offering of common stock and the share-based compensation are issued out of treasury shares. The difference between the cost of treasury shares when acquired and when reissued results in tax deductible losses of $ 3.4 million and $ 26.4 million for the years ended December 31, 2025 and 2024, respectively. 86 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) The following table summarizes changes in unrecognized tax benefits during the years ended December 31: (in thousands) 2025 2024 Amount of unrecognized tax benefits as of the beginning of the year $ 10,240 $ 9,208 Decreases as a result of tax positions taken in a prior period ( 7,969 ) ( 191 ) Increases as a result of tax positions taken in a prior period — 1,009 Increases as a result of tax positions taken in the current period 112 214 Amount of unrecognized tax benefits as of the end of the year $ 2,383 $ 10,240 The total amount of unrecognized tax benefits including interest and penalties that, if recognized, would affect the effective tax rate is $ 3.3 million and $ 19.2 million as of December 31, 2025 and 2024, respectively. The Company recognizes interest, if any, related to unrecognized tax benefits as a component of income tax expense. As of December 31, 2025 and 2024, the Company had recorded accrued interest and penalties related to unrecognized tax benefits of $ 1.1 million and $ 9.1 million, respectively. During the second quarter of 2025, management concluded that certain of its India tax positions for several years were more likely than not to be sustained based on current quarter developments. As a result, the Company recognized a net income tax benefit of $ 17.7 million, comprised of a $ 9.6 million reversal of its reserve for uncertain tax positions related to its India operations and a $ 9.0 million reversal of associated accrued interest, partially offset by related Mauritius Income tax expense of $ 0.9 million. The following table summarizes Income taxes paid (net of refunds received) for the years ended December 31: (in thousands) 2025 2024 Foreign: India $ ( 915 ) $ 1,228 United States - federal 640 690 United States - state 84 134 Other 178 1 Total income taxes paid, net of refunds received $ ( 13 ) $ 2,053 NOTE 21 — EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share: is computed by dividing net earnings (loss) available to common shareholders by the weighted average number of common shares outstanding for the period. For the year ended December 31, 2025, diluted earnings (loss) per share reflects the assumed conversion of all dilutive securities using the treasury stock method. For the year ended December 31, 2025 diluted net earnings (loss) per share excludes all dilutive securities because their impact would be anti-dilutive, as described below. Basic and diluted (loss) earnings per share has been retroactively adjusted for all prior periods presented to reflect the effects of the Share Consolidation. Basic and diluted earnings (loss) per share: are calculated as follows for the years ended December 31: (in thousands, except per share data) 2025 2024 Net income (loss) attributable to Altisource $ 1,615 $ ( 35,636 ) Weighted average common shares outstanding, basic 10,066 3,567 Weighted average common shares outstanding, diluted 11,067 3,567 Earnings (loss) per share: Basic $ 0.16 $ ( 9.99 ) Diluted $ 0.15 $ ( 9.99 ) 87 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) For the years ended December 31, 2025 and 2024, 0.1 million and 0.3 million, respectively, stock options, warrants, restricted shares and RSUs were excluded from the computation of earnings (loss) per share as a result of the following: • For the year ended December 31, 2024, 0.1 million ( no comparative amount for the year ended December 31, 2025) stock options, warrants, restricted shares and RSUs were anti-dilutive and have been excluded from the computation of diluted earnings (loss) per share because the Company incurred a net loss. • For the years ended December 31, 2025 and 2024, less than 0.1 million and less than 0.1 million, respectively, stock options were anti-dilutive and have been excluded from the computation of diluted earnings (loss) per share because their exercise price was greater than the average market price of our common stock. • For the years ended December 31, 2025 and 2024, 0.1 million and 0.1 million, respectively, stock options, restricted shares and RSUs, which begin to vest upon the achievement of certain market criteria related to our common stock price, performance criteria and a total shareholder return compared to the market benchmark, have been excluded from the computation of diluted earnings (loss) per share because the achievement levels have not yet been met. NOTE 22 — COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS We record a liability for contingencies if an unfavorable outcome is probable and the amount of loss can be reasonably estimated, including expected insurance coverage. For proceedings where the reasonable estimate of loss is a range, we record a best estimate of loss within the range. Litigation We are currently involved in legal actions in the course of our business, most of which seek monetary damages. Although the outcome of these proceedings cannot be predicted with certainty, we currently believe that their outcome, both individually and in the aggregate, other than as described below, will not have a material impact on our financial condition, results of operations or cash flows. National Fair Housing Alliance v. Altisource Solutions, Inc., et al. On or about February 1, 2018, the National Fair Housing Alliance (“NFHA”) and eighteen regional housing groups (collectively, the “Plaintiffs”) filed a civil complaint, subsequently amended, against Altisource Solutions, Inc. (“ASI”), a wholly owned subsidiary of the Company, Deutsche Bank National Trust, as Trustee, Deutsche Bank Trust Company Americas, as Trustee, and Ocwen Loan Servicing, LLC (n/k/a Onity Group, Inc.) (collectively, the “Defendants”) in the United States District Court for the Northern District of Illinois (the “Litigation”). The complaint alleged violations of the federal Fair Housing Act in connection with the maintenance and marketing of certain real estate owned properties. On February 11, 2026, Defendants entered into a settlement agreement (the “Settlement Agreement”) with the Plaintiffs, providing for a full release of claims against the defendants and dismissal of the Litigation with prejudice. Altisource recorded a $ 7.5 million loss for the year ended December 31, 2025 reflecting the settlement and associated defense costs. The Settlement Agreement contains customary terms and conditions and does not include any admission of liability, fault or unlawful conduct by the defendants. The Company expects to fund its portion of the settlement from available cash. The Company expects that a significant portion of the liability may be eligible for reimbursement under applicable insurance, subject to the terms and conditions of the applicable insurance policies. However, one insurer is disputing the extent of its available insurance coverage. There can be no assurance as to the timing or amount of any such reimbursement, if any. Regulatory Matters Periodically, we are subject to audits, examinations and investigations by governmental authorities and receive subpoenas, civil investigative demands or other requests for information from such governmental authorities in connection with their regulatory or investigative authority. We are currently responding to such inquiries from governmental authorities relating to certain aspects of our business. We believe it is premature to predict the potential outcome or to estimate any potential financial impact in connection with these inquiries. Onity Related Matters As discussed in Note 3, during the year ended December 31, 2025, Onity was our largest customer, accounting for 42 % of our total revenue. Additionally, 5 % of our revenue for the year ended December 31, 2025 was earned on the loan portfolios serviced by Onity, when a party other than Onity or the MSR owner selected Altisource as the service provider. 88 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) Onity has disclosed that it is subject to a number of ongoing federal and state regulatory examinations, consent orders, inquiries, subpoenas, civil investigative demands, requests for information and other actions and is subject to pending and threatened legal proceedings, some of which include claims against Onity for substantial monetary damages. Previous regulatory actions against Onity have subjected Onity to independent oversight of its operations and placed certain restrictions on its ability to acquire servicing rights or proceed with default-related actions on the loans it services. Existing or future similar matters could result in adverse regulatory or other actions against Onity. In addition to the above, Onity may become subject to future adverse regulatory or other actions. Onity has disclosed that Rithm is one of its largest servicing clients. As of December 31, 2025, Onity reported that approximately 10 % of loans serviced and subserviced by Onity (measured in UPB) and approximately 50 % of all delinquent loans that Onity services were related to Rithm MSRs or rights to MSRs. In November 2025, Onity disclosed that it had received notification from Rithm that Rithm does not intend to renew its subservicing agreements with Onity effective January 31, 2026. The termination of Onity’s subservicing agreements with Rithm may have significant adverse effects on Onity’s business. Additionally, Altisource’s revenue from Onity and Rithm (and revenue associated with the Rithm MSRs) will be reduced and our results of operations will be adversely affected by this termination. The existence or outcome of Onity regulatory matters or Onity’s loss of significant clients may have significant adverse effects on Onity’s business. For example, Onity may be required to alter the way it conducts business, including the parties it contracts with for services, it may be required to seek changes to its existing pricing structure with us, it may lose its non-government-sponsored enterprise (“GSE”) servicing rights or subservicing arrangements or may lose one or more of its state servicing or origination licenses. Additional regulatory actions or adverse financial developments may impose additional restrictions on or require changes in Onity’s business that could require it to sell assets or change its business operations. Any or all of these effects and others could result in our eventual loss of Onity as a customer or a reduction in the number and/or volume of services it purchases from us or the loss of other customers. If any of the following events occurred, Altisource’s revenue could be significantly reduced and our results of operations could be materially adversely affected, including from the possible impairment or write-off of goodwill, intangible assets, property and equipment, other assets and accounts receivable: • Altisource loses Onity as a customer or there is a significant reduction in the volume of services it purchases from us • Onity loses, sells or transfers a significant portion of its GSE or Federal Housing Administration servicing rights or subservicing arrangements or remaining other servicing rights or subservicing arrangements and Altisource fails to be retained as a service provider • Onity loses state servicing licenses in states with a significant number of loans in Onity’s servicing portfolio • Onity is subject to stays, moratoriums, suspensions or other restrictions that limit or delay default-related actions on the loans it services • The contractual relationship between Onity and Altisource changes significantly or there are significant changes to our pricing to Onity for services from which we generate material revenue • Altisource otherwise fails to be retained as a service provider. The foregoing list is not intended to be exhaustive. Management cannot predict whether any of these events or other events will occur or the amount of any impact they may have on Altisource. Leases We lease certain premises and equipment, primarily consisting of office space. Certain of our leases include options to renew at our discretion or terminate leases early, and these options are considered in our determination of the expected lease term. Certain of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. We sublease certain office space to third parties. Sublease income was $ 0.2 million and $ 0.6 million for the years ended December 31, 2025 and 2024, respectively. The amortization periods of right-of-use assets are generally limited by the expected lease term. Our leases generally have expected lease terms at adoption of one to six years . 89 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) Information about our lease terms and our discount rate assumption were as follows as of December 31: 2025 2024 Weighted average remaining lease term (in years) 1.41 1.87 Weighted average discount rate 8.05 % 7.93 % Our lease activity was as follows for the years ended December 31: (in thousands) 2025 2024 Operating lease costs: Selling, general and administrative expense $ 1,596 $ 1,747 Cash used in operating activities for amounts included in the measurement of lease liabilities $ 1,655 $ 1,794 Short-term (twelve months or less) lease costs 93 20 Maturities of our lease liabilities as of December 31, 2025 are as follows: (in thousands) Operating lease obligations 2026 $ 922 2027 178 2028 104 2029 52 Total lease payments 1,256 Less: interest ( 109 ) Present value of lease liabilities $ 1,147 We have executed no standby letters of credit related to office leases that are secured by restricted cash balances. Escrow and Other Balances We hold customers’ assets in escrow and other accounts at various financial institutions pending completion of certain real estate activities and construction review activities. These amounts are held in escrow and other accounts for limited periods of time and are not included in the accompanying consolidated balance sheets. Amounts held in escrow and other accounts were $ 50.5 million and $ 20.4 million as of December 31, 2025 and 2024, respectively. NOTE 23 — SEGMENT REPORTING Our business segments are based upon our organizational structure, which focuses primarily on the services offered, and are consistent with the internal reporting used by our Chief Executive Officer (our chief operating decision maker) to evaluate operating performance and to assess the allocation of our resources. We conduct our operations through two reportable segments: Servicer and Real Estate and Origination . In addition, we report Corporate and Others separately. The Servicer and Real Estate segment provides loan servicers and real estate investors with solutions and technologies that span the mortgage and real estate lifecycle. The Origination segment provides originators with solutions and technologies that span the mortgage origination lifecycle. Corporate and Others includes interest expense and costs related to corporate functions including executive, infrastructure and certain technology groups, finance, law, compliance, human resources, vendor management, facilities, risk management, and eliminations between reportable segments. Income (loss) before income taxes and non-controlling interests is the measure of segment profit and loss that is determined in accordance with the measurement principles used in measuring the corresponding amounts in the consolidated financial statements and used by the chief operating decision maker to evaluate segment results. 90 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) Financial Information Financial information for our segments is as follows: For the year ended December 31, 2025 (in thousands) Servicer and Real Estate Origination Corporate and Others Consolidated Altisource Revenue $ 134,837 $ 36,138 $ — $ 170,975 Cost of revenue 86,752 28,861 6,452 122,065 Gross profit (loss) 48,085 7,277 ( 6,452 ) 48,910 Selling, general and administrative expenses 7,503 7,162 26,311 40,976 Litigation settlement loss (Note 22) 7,517 — — 7,517 Income (loss) from operations 33,065 115 ( 32,763 ) 417 Other income (expense), net: Interest income (expense) ( 119 ) ( 5 ) ( 12,049 ) ( 12,173 ) Debt amendment costs — — ( 3,646 ) ( 3,646 ) Other, net 1 347 — 909 1,256 Total other income (expense), net 228 ( 5 ) ( 14,786 ) ( 14,563 ) Income (loss) before income taxes and non-controlling interests $ 33,293 $ 110 $ ( 47,549 ) $ ( 14,146 ) 1. Servicer and Real Estate other income is primarily interest income. Corporate and Others other income primarily include other non-operating gains and losses. For the year ended December 31, 2024 (in thousands) Servicer and Real Estate Origination Corporate and Others Consolidated Altisource Revenue $ 128,950 $ 31,184 $ — $ 160,134 Cost of revenue 79,631 24,473 6,501 110,605 Gross profit (loss) 49,319 6,711 ( 6,501 ) 49,529 Selling, general and administrative expenses 11,421 6,584 27,615 45,620 Loss on sale of business 1 — — 685 685 Income (loss) from operations 37,898 127 ( 34,801 ) 3,224 Other income (expense), net Interest income (expense) ( 30 ) — ( 38,847 ) ( 38,877 ) Other, net 2 150 — 2,636 2,786 Total other income (expense), net 120 — ( 36,211 ) ( 36,091 ) Income (loss) before income taxes and non-controlling interests $ 38,018 $ 127 $ ( 71,012 ) $ ( 32,867 ) 1. Loss on sale of business includes a $ 0.7 million loss in connection with the indemnity escrow from the Pointillist sale. 2. Servicer and Real Estate other income is primarily interest income. Corporate and Others other income primarily include other non-operating gains and losses. 91 Table of Contents ALTISOURCE PORTFOLIO SOLUTIONS S.A. Notes to Consolidated Financial Statements ( Continued ) Total Assets Total assets for our segments are as follows: (in thousands) Servicer and Real Estate Origination Corporate and Others Consolidated Altisource Total assets: December 31, 2025 $ 56,545 $ 47,271 $ 35,985 $ 139,801 December 31, 2024 58,000 47,251 38,355 143,606 92 Table of Contents ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None.